The Bank of England has recently released figures relating to mortgage approval levels in the UK, with data showing that approvals fell to a five month low in February.
[Press Release Distribution]
The UK’s central bank, the Bank of England, has recently released its latest report on mortgage approval levels, with the breakdown of figures suggesting that February’s mortgage approval levels fell to a five month low. 51,653 mortgages were shown to have been approved in February, which was the lowest figure since September 2012.
Lending by some of the UK’s big High Street banks has fallen over recent months, despite the fact that the range of mortgages on the market has increased. Industry experts have said that action needs to be taken to encourage more activity in the housing and mortgage markets.
A spokesperson from the Mortgage Advice Bureau said: “The fact that overall mortgage approvals slipped again – with house purchase approvals down for the second successive month – shows how important it is to encourage more activity in this area.”
However, the data also shows that whilst lending by banks has been falling, building society lending has increased, with mutuals now taking a bigger slice of the mortgage market. One mortgage broker confirmed: “Building societies are keener to lend than some of the banks and they have been winning back market share.”
A combination of factors is thought to be behind the slide in mortgage approvals during the first quarter of the year. This includes lack of affordability for first time buyers when it comes to raising a deposit, continued stringency amongst banks, and soaring living costs, which have had a severe negative impact on household budgets.
While first time buyers are struggling to raise a deposit to put down on a first home, many homeowners who are buying a new property are turning to bridging loans in order to help fund their move. With both residential and commercial bridging loans available, these have become a viable option for many movers.
About Bridging Loans Brokers
Bridging Loans Brokers is a specialist mortgage broker from the UK, catering for the needs of those who require a fast and affordable bridging loan to fund their move. The company offers services to both residential and commercial clients, and provides access to the whole market rather than a selection of lenders.
Contact Info:
Name: Simon Brown
Email: info@bridgingloansbrokers.co.uk
Address: 34 Buckingham Palace Road London, London SW1W 0RH, United Kingdom
Phone: 0800 002 9978
Organization: Bridging Loans Brokers
Source: http://marketersmedia.com/bank-of-england-releases-latest-mortgage-approval-figures/9085
